The escalating feud between Elon Musk and Donald Trump has sparked reactions from political leaders, with figures like Chuck Schumer and Mike Johnson weighing in as the conflict threatens to impact both the GOP and Musk's business empire.
I spent the day watching a fragile market dance on a very thin tightrope. If you’ve been with me for a while, you’ll know how important I think monkey bars are; I use them constantly in selecting my trades.
Markets are grinding down into Non-Farm Payrolls tomorrow morning Grinding moves tell us traps are likely where the money’s made, and these 2 traps could make our entire week!
In recent weeks, Abercrombie & Fitch has lowered its annual profit forecast, while American Eagle has withdrawn its outlook, and Gap has warned of up to $150 million in additional costs resulting from tariffs.
Musk, the world’s richest person, saw his net worth drop by roughly $34 billion, as a large portion of his wealth is linked to his electric vehicle company.
The Dow closed the session -108 points, -0.25%, while the S&P 500 slimmed -31 points, -0.53%. The Nasdaq shed -162 points, -0.83%, as Tesla shares slid to their worst one-day loss in history, -14%.
The GDP outlook is looking less bright, and probably less so than indicated by historical correlation, given the elevated credit risk now implicit in Treasurys. Moreover, a continued decline in the dollar is to be expected as Treasury rates decline.
